Topic: Bitcoin today on Peter Schiff Radio (Read 1689 times)
Great job Erik! Thanks for sharing.
I empathized with Erik's struggle to explain how bitcoin limits its total. I have been trying to come up with a way of explaining how bitcoins are created. One of these days I answered a question which I believe is in a good direction of solving the issue.
http://gizmodo.com/5984826/mega-is-now-accepting-bitcoin-because-of-course-it-is?post=57503960
Quote
It is very important to add that when it is settled which block of transfers are to be written to the blockchain, one cannot simply put any transfers in the block. Every node actually checks if all transfers are valid. Meaning they check if the source address has the funds to be transfered to next address. With one single exception, it is allowed to make one sourceless transfer of a defined amount, which currently is 25 bitcoin, which is how bitcoins are created.
In bitcoin, what a person actually have are you account (called public address) and the password to that account (private key). The private key allows you to transfer any coins that were transfered to the corresponding public address to another public address. So as long as you have a copy of the private key you have access to the coins. If you only have a single copy of the private key in a flashdrive and than it is destroyed you will lose the coins. Obviously you make some copies of the private key to be safe of that possibility.
By now I suppose you can see why you cannot simply copy bitcoins. You can copy the key, but the key only gives the bearer access to the coins in the address.
Here is the full text where I wrote this. I hope it can be helpfull.In bitcoin, what a person actually have are you account (called public address) and the password to that account (private key). The private key allows you to transfer any coins that were transfered to the corresponding public address to another public address. So as long as you have a copy of the private key you have access to the coins. If you only have a single copy of the private key in a flashdrive and than it is destroyed you will lose the coins. Obviously you make some copies of the private key to be safe of that possibility.
By now I suppose you can see why you cannot simply copy bitcoins. You can copy the key, but the key only gives the bearer access to the coins in the address.
http://gizmodo.com/5984826/mega-is-now-accepting-bitcoin-because-of-course-it-is?post=57503960
I'll be talking Bitcoin on Peter Schiff Radio today (Friday March 
at 11:05am EST.
I just finished listening to the show. Awesome job! at 11:05am EST.He is still on the gold bug side of saying that the major flaw behind Bitcoin being that it is not backed by anything.
The only way we know of to back currencies with something without counterparty risk is for you to have physical possession of something valuable. I don't know about you, but I don't like the idea of my life's savings being stuffed in my mattress.But also, backing a currency is a mediocre solution to a problem Bitcoin doesn't have. Why do you want a backed currency?
It's not because it increases the value of the currency. Who cares? If it's worth less, we'll just use more of it. If it's worth more, we just use less of it.
We want a currency to be backed because that limits the amount that can be created. But it does so imperfectly because fractional reserves can be kept and, for backing like gold or silver, more of the backing item can be discovered.
Bitcoin doesn't have this problem. Its rate of production is almost perfectly predictable. So what beneficial purpose would backing it serve? (And, of course, it would add risk that, for example, whoever backed it might go out of business.)
You may want to see what he said most recently about Bitcoin:
https://bitcointalksearch.org/topic/peter-schiff-on-btc-150408
"It’s a fad and just because people are accepting it today, something could happen, there could be a scandal. I don’t know that I would feel comfortable if I took my life savings and converted it into bitcoins. We’ll see where it is in 10-20 years."
He is still on the gold bug side of saying that the major flaw behind Bitcoin being that it is not backed by anything.
I would tell him not to think of Bitcoin as an investment but a means of exchange. That Bitcoin is not meant to be something you put your life savings in and wait 10-20 years, it is useful for dropping your fiat dollars so that you can use it for simple transactions with no credit card fees.
Tell him that many Bitcoin users hold gold for long term and Bitcoin for every day spending.
His best interest is to let his listeners know that gold is the place to be because he owns a gold selling business. Play to his anti-fiat side as opposed to trying to push Bitcoin's "store of value".
edit: I did not notice that the show had already started and that Tom Woods would be the host. Good luck
https://bitcointalksearch.org/topic/peter-schiff-on-btc-150408
"It’s a fad and just because people are accepting it today, something could happen, there could be a scandal. I don’t know that I would feel comfortable if I took my life savings and converted it into bitcoins. We’ll see where it is in 10-20 years."
He is still on the gold bug side of saying that the major flaw behind Bitcoin being that it is not backed by anything.
I would tell him not to think of Bitcoin as an investment but a means of exchange. That Bitcoin is not meant to be something you put your life savings in and wait 10-20 years, it is useful for dropping your fiat dollars so that you can use it for simple transactions with no credit card fees.
Tell him that many Bitcoin users hold gold for long term and Bitcoin for every day spending.
His best interest is to let his listeners know that gold is the place to be because he owns a gold selling business. Play to his anti-fiat side as opposed to trying to push Bitcoin's "store of value".
edit: I did not notice that the show had already started and that Tom Woods would be the host. Good luck
Other things I have heard Schiff talk about lead me to respect him as an intelligent free market advocate, however he very clearly demonstrates his complete lack of understanding by saying "it could end up being a fad just like pets.com was". It's a shame he hasn't taken some time to actually check it out.
I do not blame the guy for protecting his bottom line, which is people buying gold from him. Whether he has convinced himself that gold is the only option or he is purposefully ignoring everything else for his own gain is up to him. We all do similar things with all of the alt coins out there.
Can some one seed this mp3 as a bittorrent file. that dl source is cutting us off. post a link to tpb, or just host the little file urself. come on, aren't we all supposed to be uber-geeks here?
Bitcoin is starting on the loop now.
http://www.schiffradio.com/pg/jsp/charts/archiveaudioplayer.jsp
http://www.schiffradio.com/pg/jsp/charts/archiveaudioplayer.jsp
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Fantastic effort Erik Voorhees! You are a great spokesman for Bitcoin. I enjoyed that!
You knocked that one out of the park, Erik. I'm not sure who could have explained those answers better. And, yes, Googling "bitcoin libertarian introduction" brings up links to your excellent article straightaway. Nice job!
The first loop of the recording is about to be played, listen here: http://www.schiffradio.com/pg/jsp/charts/archiveaudioplayer.jsp
that means he IS a convert. after all, Robert Murphy has been looking at this for a while now.
Tom Woods at the beginning of the show when previewing his second guest among other things says "...if Bitcoin can do what they're saying it can do I'm slowly becoming a convert."
I'll be talking Bitcoin on Peter Schiff Radio today (Friday March at 11:05am EST. Host this week is not Peter himself but is Tom Woods of the Mises Institute, who is an absolutely awesome author and speaker.
http://schiffradio.com/
I'll post a download link here when it becomes available.
at 11:05am EST. Host this week is not Peter himself but is Tom Woods of the Mises Institute, who is an absolutely awesome author and speaker.http://schiffradio.com/
I'll post a download link here when it becomes available.
Tom Woods is probably even more important in the gold community as Schiff as he is embedded deeply in the Mises Institute. i've read both their books and Woods has more credibility IMO.
i used to sub to Schiff's podcast's but they became too overwhelming on a daily basis with only about 1/3 being relevant. glad you made it on there and please put up the podcast when it appears. sounds like it went real well though.
I swear as your bit ended, the price finally made it over $44!
http://en.wikipedia.org/wiki/Efficient_market_hypothesis
I swear as your bit ended, the price finally made it over $44!
You may want to see what he said most recently about Bitcoin:
https://bitcointalksearch.org/topic/peter-schiff-on-btc-150408
"It’s a fad and just because people are accepting it today, something could happen, there could be a scandal. I don’t know that I would feel comfortable if I took my life savings and converted it into bitcoins. We’ll see where it is in 10-20 years."
He is still on the gold bug side of saying that the major flaw behind Bitcoin being that it is not backed by anything.
I would tell him not to think of Bitcoin as an investment but a means of exchange. That Bitcoin is not meant to be something you put your life savings in and wait 10-20 years, it is useful for dropping your fiat dollars so that you can use it for simple transactions with no credit card fees.
Tell him that many Bitcoin users hold gold for long term and Bitcoin for every day spending.
His best interest is to let his listeners know that gold is the place to be because he owns a gold selling business. Play to his anti-fiat side as opposed to trying to push Bitcoin's "store of value".
edit: I did not notice that the show had already started and that Tom Woods would be the host. Good luck
https://bitcointalksearch.org/topic/peter-schiff-on-btc-150408
"It’s a fad and just because people are accepting it today, something could happen, there could be a scandal. I don’t know that I would feel comfortable if I took my life savings and converted it into bitcoins. We’ll see where it is in 10-20 years."
He is still on the gold bug side of saying that the major flaw behind Bitcoin being that it is not backed by anything.
I would tell him not to think of Bitcoin as an investment but a means of exchange. That Bitcoin is not meant to be something you put your life savings in and wait 10-20 years, it is useful for dropping your fiat dollars so that you can use it for simple transactions with no credit card fees.
Tell him that many Bitcoin users hold gold for long term and Bitcoin for every day spending.
His best interest is to let his listeners know that gold is the place to be because he owns a gold selling business. Play to his anti-fiat side as opposed to trying to push Bitcoin's "store of value".
edit: I did not notice that the show had already started and that Tom Woods would be the host. Good luck
listning now,,
I'll be talking Bitcoin on Peter Schiff Radio today (Friday March at 11:05am EST. Host this week is not Peter himself but is Tom Woods of the Mises Institute, who is an absolutely awesome author and speaker.
http://schiffradio.com/
UPDATE:
Here's the MP3 for download: [removed because it ran out of downloads]. You can get it at schiffradio.com - download from the home page.
Bitcoin talk starts at 40:00
at 11:05am EST. Host this week is not Peter himself but is Tom Woods of the Mises Institute, who is an absolutely awesome author and speaker.http://schiffradio.com/
UPDATE:
Here's the MP3 for download: [removed because it ran out of downloads]. You can get it at schiffradio.com - download from the home page.
Bitcoin talk starts at 40:00
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